samchung

Sam C. Chung
President & CEO
Broadway National Bank
Korean
2000 Recipient

Sam Chung was born in Osaka, Japan in 1938. He immigrated to Korea in 1947 and in 1964 he graduated from Dong Kook University in Seoul, with a B.A. Degree in Political Science. Mr. Chung arrived in the United States in 1966. He earned a bachelor's degree in accounting from La Salle College in Philadelphia and proceeded to work in the accounting and retail fields for a number of years, which eventually led him to the New York metropolitan area.

In 1972 Sam Chung established Star Fashions, a retail variety store in Elizabeth, New Jersey. His experience in dealing with wholesalers and importers in Manhattan made him well known to the leaders of the Korean business community and in 1982 he was elected Vice President of the Korean Businessmen’s Association and a Director of the Korean Association of New York. His deep involvement with these organizations gave Mr. Chung an opportunity to observe and understand the needs of small businessmen and women. He advanced the idea that small businesses, especially minority businesses, were not well served by the large banks which dominated the area.

In 1983 Sam Chung succeeded in convincing a group of local businessmen of the need for a community bank to serve the business area in and around Broadway, south of midtown, which was heavily populated by Korean immigrants. After three years of tireless effort Sam Chung realized his dream with the opening of Broadway National Bank in September of 1986.

Sam Chung initially served as Chairman of the Board of Broadway National Bank and later became President and Chief Executive Officer of the bank as well as Chairman and Chief Executive Officer of BNB Financial Services Corporation, BNB’s parent. At his direction, BNB embarked upon its mission to provide a product very different from that which the major banks and even the Korean banks had established. Sam Chung built a unique organization with a Board of Directors composed of Asian and American businessmen and a multi ethnic staff which could provide competent, friendly and professional banking service to any type of client.

What has happened since 1986 speaks for itself. While achieving success quickly in fulfilling its mission to serve the Korean community, Broadway National also gained a reputation throughout the area as a service oriented and responsive bank, especially in the area of lending to small and minority businesses. This attracted clients from every industry and ethnic background and by the early 1990's BNB was truly a "community" bank.

BNB has the unique distinction of having been awarded SBA Preferred Lender status in two states, as both the New York and New Jersey districts of the United States Small Business Administration have recognized level of professionalism the bank has attained in making loans to small businesses. The bank’s statistics in this area are outstanding. BNB has ranked among the top lenders in the region in its SBA Loan production, well ahead of many “giants” in the New York/New Jersey banking industry. The bank has been the recipient of numerous awards from the United States Government Small Business Administration for its efforts in lending to small businesses and minorities. It is especially noteworthy tha since 1994 the bank has made over 400 SBA loans, totaling nearly $60,000,000.

Every loan BNB makes to small business means economic advancement and more jobs. That’s what Broadway National Bank does and it has all been made possible by one man's dream and his determination to succeed. Sam Chung has been honored, for his efforts on behalf of small business, by many Korean organizations over the past 14 years. In 1996, The Asian American Federation, a multi-ethnic organization, paid tribute to his accomplishments with their annual award. Sam Chung is an inspiration to minority businessmen everywhere and a source of great pride to Asian Americans who have worked hard to contribute to their adopted country.

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